1- Currently, data is everywhere and organizations are struggling with the huge amount of data they...

1- Currently, data is everywhere and organizations are struggling with the huge amount of data they have. Discuss how having all this data could be beneficial for organizations.

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Expert Solution

Gone are the days when lack of data or lack of easier way to access the data prevented organizations from undertaking scientific decisions. Today there is no dearth of data in public domain and we have all the sophisticated ways to access data and process them.

Having all the data can be beneficial to the companies or organizations in the following manner:

Data analysis provides lots of hidden patterns, trends and insights about the business. There are various factors, cause effect relationships that are not visible to common eyes unless we look at data. An organization having ability to capture data and then process data can benefit from plenty of hidden insights, patterns and trends they present.
Data and its subsequent analysis helps management make informed and scientific decision making. Management can look at past performance to figure out insights about the future performances. The decision can now be informed, backed by analysis and trends from past.
Understanding the root cause of the problem and devise strategies across the same: Data analysis helps management decipher the root cause of a problem. It eliminates symptoms from core issue or challenge. Once the root cause is known, management can then build improvement measures around the same.
Having lots of data regarding operations can help management and organizations figure out the frequency and timing of breakdowns. The firm can then design preventing maintenance plans and thus eliminate plenty of unplanned downtime.
Analysis of historical data presents management with a clear snapshot of which business / segments / geographies are doing better and which are not doing that great. Management can then take a call to close down certain businesses or expand more in certain segments.
E commerce companies analyse the information of the buyers based on their spending pattern, goods ordered, login time and period. They gather insights from the data and the same is then used towards digital marketing.
Possession of huge amount of data is also the first building block of artificial intelligence.

jeff jeffy answered 1 year ago

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